Magic Eden Puts an End to Victimization


Magic, Solana’s non-fungible marketplace, has promised refunds to all users who bought fake non-fungible tokens (NFT) on its platform after it was destroyed.

According to the official blog, hackers removed bugs during the second update of its new features, Snappy Marketplace and Pro Trade tools, designed to provide users with a better experience. This allowed hackers to bypass verification and list unauthorized NFTs among the totals received on the platform when they evaded verification.

The exploit involved four aggregators including popular aggregators such as y00ts and ABC and a total of 25 NFTs were sold to unsuspecting users. According to HGE, the creator of ABC in a tweet informing his community members, the exploit involved valuable NFTs. Therefore, he requested that the platform be suspended to ensure that the exploitation is stopped.

To resolve the dispute, the market temporarily disabled the feature and removed the input to prevent new listings of illegal NFTs and asked users to update their browsers. Also, it introduced another authentication mechanism that will prevent similar attacks in the future.

Magic Eden has assured its users that the platform is safe for trading, adding that it will reward users who fall into the exploit. Interestingly, this is not the second platform fight this week. On January 3, Solana’s marketplace was flooded with offensive and offensive content. However, the platform falsely claims to cache images of third parties and assures them of the safety of their digital assets.

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Magic Introduces Royalty Tools for Creators

Before its recent attack, Magic, which controls more than 90% of business transactions on the Solana blockchain, recently introduced a company that ensures creators are paid whenever their assets are sold on the platform.

Meanwhile, after joining the Ethereum (ETH) blockchain, Magic helped create a new store that allows trading of NFTs and ApeCoin (APE). The platform completed $130 million in June last year which saw it hit $1.6 billion at the time.

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